# JOYFUL HONDA CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/06/21－2026/06/20) (S100Z1T7)
> Page: https://vizora.meequs.com/en/company/joyful-honda
> Retrieved: 2026-09-30T22:14:04.554Z

## Company

Joyful Honda, founded in 1975, is a company in Home Centers listed on TSE Prime. It has 1,973 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JOYFUL HONDA CO.,LTD. |
| Ticker | 3191 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3191.T) |
| Listing | TSE Prime |
| Head office | 茨城県土浦市富士崎一丁目16番2号 |
| Representative (per filing) | 代表取締役社長 平山 育夫 |
| Founded | Dec 1975 |
| Share capital | ¥12B |
| Employees (consolidated) | 1,973 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | June |
| Website | www.joyfulhonda.com (https://www.joyfulhonda.com/) |
| Corporate number | 6050001009303 |
| EDINET | E30501 |
| Industries (Vizora) | Home Centers |

> Profile source: annual securities report (S100Z1T7, filed 2026-09-15). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-06-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 95 | 10 |
| Cash conversion | 5 | 10 |
| Efficiency | 15 | 10 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Joyful Honda brought in ¥132.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -18.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥132817000000 → ¥9002000000
- Net income → operating cash flow: ¥9002000000 → ¥7283000000（difference ¥-1719000000）
- Main uses of operating cash flow: CapEx ¥5327000000 / dividends ¥4484000000 / buybacks —
- Change in cash: ¥-7244000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥132.8B |  |
| Operating income | ¥8.73B | Margin 6.6% |
| Net income | ¥9B | Margin 6.8% |
| Free cash flow | ¥1.96B |  |
| Employees (consolidated) | 1,973 |  |
| EPS | ¥119.27 |  |
| Book value per share | ¥2062.62 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 63,784,612 |  |
| Treasury shares | 3,191,100 |  |
| Shareholders | 50,791 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | +3.3 pp | Home Centers |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥132499000000 | ¥132817000000 | — |
| Operating income | ¥11506000000 | ¥8732000000 | — |
| Operating margin | 8.7% | 6.6% | -2.1 pp |
| Employees | 2,029 people | 1,973 people | — |
| Cash and equivalents | ¥45495000000 | ¥24974000000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 132,817 | 100.0% | S100Z1T7 |
| Cost of revenue | 91,032 | 68.5% | S100Z1T7 |
| Gross profit | 41,784 | 31.5% | S100Z1T7 |
| SG&A | 40,124 | 30.2% | S100Z1T7 |
| Operating income | 8,732 | 6.6% | S100Z1T7 |
| Ordinary income | 9,954 | 7.5% | S100Z1T7 |
| Pretax income | 12,178 | 9.2% | S100Z1T7 |
| Income tax | 3,175 | 2.4% | S100Z1T7 |
| Net income | 9,002 | 6.8% | S100Z1T7 |
| Net income attributable to owners | 9,002 | 6.8% | S100Z1T7 |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 30 |
| Other operating | -5 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.5% → Operating margin 6.6% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 128,980 | 132,817 | 3,837 | +3.0% |
| Gross profit | 40,985 | 41,784 | 799 | +1.9% |
| Operating income | 10,748 | 8,732 | -2,016 | -18.8% |
| Operating cash flow | 9,069 | 7,283 | -1,786 | -19.7% |
| Free cash flow | 6,933 | 1,956 | -4,977 | -71.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 124,909 | 9,187 | 7.4% | 10,949 | 12,038 | 9,671 | S100ME6G |
| FY ending Jun 2021 | 132,499 | 11,506 | 8.7% | 8,985 | 12,412 | 10,224 | S100P6E8 |
| FY ending Jun 2022 | 123,555 | 12,238 | 9.9% | 11,098 | 7,844 | 1,946 | S100RV9G |
| FY ending Jun 2023 | 123,362 | 11,095 | 9.0% | 8,528 | 9,807 | 978 | S100UDP6 |
| FY ending Jun 2024 | 126,894 | 10,568 | 8.3% | 9,091 | 12,672 | 3,861 | S100WO68 |
| FY ending Jun 2025 | 128,980 | 10,748 | 8.3% | 8,327 | 9,069 | 6,933 | S100WO68 |
| FY ending Jun 2026 | 132,817 | 8,732 | 6.6% | 9,002 | 7,283 | 1,956 | S100Z1T7 |

## People and productivity（FY ending Jun 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.3M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥4.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,943 | 1,867 | 1,858 | 1,848 | 1,973 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.3M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 40.4 years | 41.4 years | 42.0 years | 42.2 years | 42.6 years |
| Average tenure (parent company) | 15.4 years | 16.3 years | 16.7 years | 17.0 years | 17.6 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,283 | 5.5% | S100Z1T7 |
| Capital expenditure | 5,327 | 4.0% | S100Z1T7 |
| Free cash flow | 1,956 | 1.5% | 算出 |
| Investing cash flow | -5,131 | -3.9% | S100Z1T7 |
| Financing cash flow | -9,396 | -7.1% | S100Z1T7 |
| Dividends paid | 4,484 | 3.4% | S100Z1T7 |
| Change in cash | -7,244 | -5.5% | S100Z1T7 |
| Cash and equivalents | 24,974 | 18.8% | S100Z1T7 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 42,482 | 34,984 | 27,419 | 32,218 | 24,974 | S100UDP6, S100WO68, S100Z1T7 |
| Total assets | 156,431 | 160,927 | 159,689 | 165,574 | 167,672 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Net assets | 115,821 | 119,329 | 120,979 | 121,791 | 126,438 | S100UDP6, S100WO68, S100Z1T7 |
| Share capital | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Property, plant and equipment | 83,358 | 90,622 | 95,816 | 95,194 | 98,255 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Intangible assets excluding goodwill | 1,932 | 1,947 | 2,126 | 2,374 | 2,388 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Goodwill | — | — | — | 40 | 28 | S100WO68, S100Z1T7 |
| Investment securities | 1,596 | 2,014 | 2,740 | 2,653 | 3,092 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Current assets | 64,099 | 60,614 | 53,635 | 59,948 | 57,948 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Current liabilities | 18,224 | 19,486 | 20,946 | 21,989 | 22,821 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Long-term borrowings | 12,212 | 9,120 | 6,188 | 9,794 | 5,476 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Total liabilities | 40,609 | 41,598 | 38,710 | 43,782 | 41,234 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Equity attributable to owners of parent | 115,055 | 118,273 | 119,398 | 120,290 | 124,831 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Retained earnings | 109,519 | 112,499 | 113,334 | 114,466 | 118,985 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |
| Treasury stock | -6,463 | -6,226 | -5,936 | -6,175 | -6,153 | S100RV9G, S100UDP6, S100WO68, S100Z1T7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Z1T7 |
| Property, plant and equipment | 59% | S100Z1T7 |
| Intangibles and goodwill | 1% | S100Z1T7 |
| Investment securities | 2% | S100Z1T7 |
| Other assets | 23% | S100Z1T7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100Z1T7 |
| Equity | 75% | S100Z1T7 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 156,431 | 160,927 | 159,689 | 165,574 | 167,672 |
| Equity | 115,821 | 119,329 | 120,979 | 121,791 | 126,438 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 42,482 | 34,984 | 27,419 | 32,218 | 24,974 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 74.0% | S100Z1T7 |
| Fixed assets ÷ total assets | 58.6% | S100Z1T7 |
| Goodwill ÷ parent equity | 0.0% | S100Z1T7 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 14.9% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | -1,719 JPY mn (of net income -19.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.8% |
| Shareholder payments — dividends / FCF | 229.2% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 70.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.0% | 0.79× | 7.1% | 1.36× | 9.6% | S100RV9G |
| 2023 | 6.9% | 0.78× | 5.4% | 1.36× | 7.3% | S100UDP6 |
| 2024 | 7.2% | 0.79× | 5.7% | 1.35× | 7.7% | S100WO68 |
| 2025 | 6.5% | 0.79× | 5.1% | 1.36× | 6.9% | S100WO68 |
| 2026 | 6.8% | 0.79× | 5.4% | 1.34× | 7.2% | S100Z1T7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村信託銀行株式会社（本田創業家信託口） | Major shareholder | 9.6% | 2026-06-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.9% | 2026-06-20 |
| 株式会社C&I Holdings | Major shareholder | 4.5% | 2026-06-20 |
| 本田 理 | Major shareholder | 3.0% | 2026-06-20 |
| 公益財団法人本田記念財団 | Major shareholder | 2.1% | 2026-06-20 |
| 株式会社カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-06-20 |
| 本田 勇 | Major shareholder | 1.8% | 2026-06-20 |
| 青木 真弓 | Major shareholder | 1.5% | 2026-06-20 |
| ジョイフル本田グループ従業員持株会 | Major shareholder | 1.5% | 2026-06-20 |
| 野村信託銀行株式会社（信託口2052151） | Major shareholder | 1.3% | 2026-06-20 |
| 野村信託銀行株式会社（信託口2052149） | Major shareholder | 1.3% | 2026-06-20 |
| 野村信託銀行株式会社（信託口2052150） | Major shareholder | 1.3% | 2026-06-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/06/21－2026/06/20) | S100Z1T7 | 2026-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z1T7,, |
| 有価証券報告書－第50期(2024/06/21－2025/06/20) | S100WO68 | 2025-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WO68,, |
| 有価証券報告書－第49期(2023/06/21－2024/06/20) | S100UDP6 | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDP6,, |
| 有価証券報告書－第48期(2022/06/21－2023/06/20) | S100RV9G | 2023-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV9G,, |
| 有価証券報告書－第47期(令和3年6月21日－令和4年6月20日) | S100P6E8 | 2022-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P6E8,, |
| 有価証券報告書－第46期(令和2年6月21日－令和3年6月20日) | S100ME6G | 2021-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ME6G,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).